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ARTICLE · 23 SEPTEMBER 2022

SEC Issues Risk Alert Announcing Exams Focused On New Marketing Rule

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In many respects, these changes will likely be substantial, as we discussed in our recent installment of "The Bottom Line" series.

United StatesFinance and Banking
Robert H. Sutton
Robert H. Sutton
Robert E. Plaze
Robert E. Plaze
Mark S. Audet
Mark S. Audet
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On Monday, September 19, 2022, the SEC's Division of Examinations issued a Risk Alert announcing their intent to conduct targeted reviews of registered investment advisers regarding compliance with amended Advisers Act Rule 206(4)-1 (the "Marketing Rule"), following the mandatory compliance date on November 4, 2022.1 Reviews will be conducted both as part of specific national initiatives (sometimes referred to as "sweep" exams, which often focus on one or several related topics) as well as through the normal course of its routine compliance examinations of registered investment advisers.

While such a focus has been long and widely anticipated across the industry, the SEC's announcement came as somewhat of a surprise in that it is unusual for the Division of Examinations to so prominently highlight a special examination focus area in advance, outside of the annual announcement of the Division's examination priorities.2 The effect is therefore to provide greater

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